Micron Technology (NASDAQ:MU) Trading Up 0.5% – Here’s What Happened

Shares of Micron Technology, Inc. (NASDAQ:MU) rose 0.5% during mid-day trading on Wednesday . The stock traded as high as $96.64 and last traded at $94.61. Approximately 9,298,330 shares traded hands during trading, a decline of 58% from the average daily volume of 22,320,298 shares. The stock had previously closed at $94.18.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Stifel Nicolaus dropped their target price on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Morgan Stanley upped their price target on shares of Micron Technology from $91.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Friday, March 21st. Piper Sandler decreased their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Wells Fargo & Company cut their price objective on Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Needham & Company LLC dropped their target price on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.76.

Micron Technology Trading Down 0.7 %

The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The firm has a market cap of $101.15 billion, a P/E ratio of 26.08 and a beta of 1.23. The business’s 50 day moving average is $96.35 and its 200-day moving average is $98.36.

Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 EPS. As a group, analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.51%. Micron Technology’s dividend payout ratio (DPR) is 11.03%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently modified their holdings of MU. Sunbeam Capital Management LLC bought a new stake in Micron Technology in the 4th quarter valued at about $26,000. Beacon Capital Management LLC raised its holdings in shares of Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after buying an additional 200 shares during the last quarter. True Wealth Design LLC boosted its position in shares of Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 296 shares during the period. Midwest Capital Advisors LLC acquired a new stake in Micron Technology in the 4th quarter valued at approximately $33,000. Finally, Activest Wealth Management raised its stake in Micron Technology by 583.3% during the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 350 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

About Micron Technology

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.